Saudi Arabia’s big budget deficit in 2015 as oil price drop

SHAFAQNA (Shia International News Association) – Saudi Arabia announced on Thursday (25 Dec.) a 2015 budget with a large $38.6 billion deficit as a result of sharp decline in oil prices but still raised spending. A statement read on state run television said spending for 2015 is estimated at 860 billion riyals ($229.3 billion) and revenues at 715 billion riyals ($190.7 billion).

King Abdullah called for “rationalisation of spending” and for the “accurate and efficient implementation of the budget”. “You are aware of the slowdown in growth in the global economy and the events in the petroleum market that led to the sharp fall in oil prices,” the statement quoted the king as saying.